Whales resumed shorting Bitcoin as it neared $65K, sparking concerns about a potential drop before any significant upward move.
price movement is closely watched by the market as it is the biggest cryptocurrency and thus, influences the overall market performance.
Whale Position Sentiment, an indicator tracking whale activity across exchanges, has showed a decrease in sentiment, signaling more short positions being taken. This sentiment shift often has a strong correlation with Bitcoin’s price action.For BTC to avoid slipping into bearish territory, it must hold above $62K, the Short-Term Holder Realized Price, a key level signaling the continuation of the current trend.
Increased buy-side bot activity often correlates with a rise in price. If Bitcoin experiences a slight pullback to $60K, it could attract more whale buying at discounted prices, which may push BTC back up toward $65K, resulting in significant gains for larger holders.While whales have resumed shorting Bitcoin as it nears $65K, the overall market structure remains intact. As long as BTC holds above key levels such as $62K and $63K, there is potential for higher gains.
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